Last €1.90 EUR
Change Today -0.047 / -2.41%
Volume 474.6K
SRN On Other Exchanges
As of 11:30 AM 08/20/14 All times are local (Market data is delayed by at least 15 minutes).

sorin spa (SRN) Snapshot

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05/6/14 - €2.35
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sorin spa (SRN) Details

Sorin S.p.A. develops, produces, and distributes medical devices for cardiac surgery and for the treatment of cardiac rhythm dysfunctions. It offers disposable biomedical devices and systems, including heart-lung machines; cardiopulmonary systems, such as oxygenators and custom packs; autotransfusion systems and disposables; perfusion tubing systems; cannulae; and endoscopic vessel harvesting systems for extracorporeal circulation during surgery. The company also provides mechanical heart valves, tissue heart valves, self-anchoring tissue heart valves, and annuloplasty rings to replace or repair dysfunctional heart valves or treat congenital diseases. In addition, it offers implantable devices, monitoring systems, and accessories to treat cardiac rhythm dysfunctions that comprise pacemakers, implantable defibrillators, systems to treat heart failure (CRT-D), programmers, electrodes, electrophysiology leads, and Holter monitors; and disposable medical devices for urology, urodynamics, heart surgery, and haemodialysis. The company sells its products worldwide primarily under the Sorin Biomedica, Dideco, Stöckert, Cobe Cardiovascular, Ela Medical, and Carbomedics brand names. Sorin S.p.A. was founded in 2004 and is headquartered in Milan, Italy.

3,500 Employees
Last Reported Date: 07/30/14
Founded in 2004

sorin spa (SRN) Top Compensated Officers

Chief Executive Officer, Director and Member ...
Total Annual Compensation: €789.0K
Chairman, President and Chairman of Executive...
Total Annual Compensation: €629.0K
Compensation as of Fiscal Year 2013.

sorin spa (SRN) Key Developments

Sorin SpA Reports Consolidated Earnings Results for the Second Quarter and First Half of 2014; Provides Revenues Guidance for the Third Quarter of 2014 and Re-Affirms Earnings Guidance for the Year 2014

Sorin SpA reported consolidated earnings results for the second quarter and first half of 2014. For the quarter, the company reported revenues of EUR 190.6 million, up 4.4% compared to the second quarter of 2013. Adjusted net profit was EUR 10.8 million compared to EUR 12.9 million in the second quarter of 2013, with a negative foreign exchange impact of EUR 2.1 million. EBITDA was EUR 28.6 million, or 15.0% of revenues, compared to EUR 31.2 million, or 16.6% of revenues in the second quarter of 2013, reflecting the negative impact of foreign exchange and continuous investments in New Ventures. EBIT was EUR 15.8 million compared to EUR 19.8 million in the second quarter of 2013. EBIT before special items was EUR 16.9 million compared to EUR 19.7 million in the second quarter of 2013. Special items were negative for EUR 1.1 million in the second quarter of 2014. Net profit was EUR 10.0 million compared to EUR 12.9 million in the second quarter of 2013. Net financial debt as of June 30, 2014 was EUR 109.4 million compared to EUR 90.9 million as of June 30, 2013 compared to EUR 95.6 million as of March 31, 2014. The company's free cash flow was negative for EUR 11.7 million. The company's free cash flow was primarily impacted by one-off investments associated with the reconstruction of the Mirandola site and by a temporary increase in inventory in Cardiac Surgery. For the first half, the company’s revenues were EUR 366.9 million, up 3.1% compared to the first half of 2013. Adjusted net profit was EUR 21.6 million compared to EUR 22.0 million in the first half of 2013, with a negative foreign exchange impact of EUR 4.5 million. EBITDA was EUR 55.4 million, or 15.1% of revenues, compared to EUR 57.5 million, or 15.7% of revenues in the first half of 2013, reflecting the negative impact of foreign exchange and continuous investments in New Ventures. EBIT was EUR 30.1 million compared to EUR 28.5 million in first half of 2013. EBIT before special items was EUR 32.4 million compared to EUR 34.0 million in the first half of 2013. Net profit was EUR 19.9 million compared to EUR 17.9 million in the first half of 2013. In the first half of 2014 the company's free cash flow was negative for EUR 14.1 million. For the third quarter of 2014, the company expected revenues to grow from 2% to 4% at comparable exchange rates over the same period of 2013. The company confirms the previously communicated 2014 full-year guidance for adjusted net profit and expects to be at the high-end of the sales guidance.

Sorin Group Announces FDA Approval of Solo Smart Aortic Pericardial Heart Valve

Sorin Group announced that it received U.S. Food and Drug Administration (FDA) approval for the Solo Smart(TM) Aortic Pericardial Heart Valve. Solo Smart is the first valve with a removable stent to be approved in the US market. Designed from bovine pericardium, the valve is fully biological with no synthetic material added. This unique bioprosthesis mimics the healthy native aortic valve in order to preserve the aortic root physiology. By perfectly aligning to the patient's annulus with a 100% orifice-to-annulus ratio, Solo Smart maximizes blood flow and delivers excellent hemodynamic performance.

Sorin Group Announces Results of ANSWER Clinical Study

Sorin Group announced the results of the ANSWER clinical study. Previous studies have shown that unnecessary right ventricular pacing (Vp) has a detrimental effect on the hemodynamic function of the pacemaker patient's heart. The ANSWER study evaluated whether the minimization of Vp using the SafeR algorithm improves clinical outcomes for dual chamber pacemaker (PM) patients implanted for sinus node disease (SND) or for atrio-ventricular block (AVB). The percentage of Vp at one-year follow-up, the first primary endpoint, was significantly reduced in SafeR mode compared to a standard dual chamber pacing (DDD) mode (4.8% vs. 95.4%, p<0.001). This reduction was maintained after three years (11.5% vs. 93.6%, p<0.001). SafeR significantly reduced Vp in SND patients as well as in AVB patients without generating additional adverse events. The second primary endpoint, the number of patients hospitalized for atrial fibrillation (AF) or heart failure (HF), was not significantly different between the two groups (p=0.33). Nevertheless, the ANSWER study showed a significant reduction of HF events; the SafeR mode provided a 51% relative risk reduction of cardiac death or HF hospitalization (p=0.02).


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